Deutsche Bank Plans to Eliminate 18K Jobs

Deutsche Bank is planning to cut its worldwide equities sales along with the trading businesses and cut the investment banking business back for improving the profit margins. In the second quarter, the restructuring plan will lead to a total reduction of 2.8 billion Euros and through 2022; it will cost around 7.4 billion Euros.

According to the BBC, the job-cutting plan by Deutsche Bank has proceeded right after with stock traders around Asia were told their jobs have been eliminated, on Monday. In London, the employees were being told that their office passes won’t be working.

The CEO of the Deutsche Bank, Christian Sewing stated in a PR that his declaration represents the “most fundamental transformation of Deutsche Bank in decades.” However, the actions that have been taken are crucial for unleashing their true potential which includes a business model, capital, costs, and the management team.

Sewing also stated that the declaration is a “restart” for the Deutsche bank which is for the “long-term benefit” of stakeholders, consisting of clients, investors, employees, and society.

“We remain committed to our global network and will help companies to grow and provide private and institutional clients with the best solutions and advice for their respective needs – in Germany, Europe and around the globe,” stated Sewing. “We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank.”

In Monday’s pre-market session, the Deutsche Bank shares traded lower by 3.1% to $7.78. The stock has a 52-week low of $6.60 and a 52-week high of $13.17.